 ==== Table with clustered standard errors: ====
\begingroup
\centering
\begin{tabular}{lccc}
   \tabularnewline \midrule \midrule
   Dependent Variable: & \multicolumn{3}{c}{MB\_ratio}\\
   Model:             & (1)            & (2)            & (3)\\  
   \midrule
   \emph{Variables}\\
   IM                 & 0.3574$^{***}$ & 0.3910$^{***}$ & 0.5817$^{*}$\\   
                      & (0.0815)       & (0.0927)       & (0.3138)\\   
   \midrule
   \emph{Fixed-effects}\\
   Creamery\_ID       & Yes            & Yes            & Yes\\  
   Year               & Yes            & Yes            & Yes\\  
   soil\_type\_Year   &                & Yes            & Yes\\  
   NUTS2\_year        &                & Yes            & Yes\\  
   \midrule
   \emph{Fit statistics}\\
   Observations       & 11,685         & 11,685         & 11,685\\  
   R$^2$              & 0.70390        & 0.73809        & 0.73774\\  
   Within R$^2$       & 0.00705        & 0.00562        & 0.00428\\  
   Kleibergen-Paap    &                &                & 500.63\\  
   \midrule \midrule
   \multicolumn{4}{l}{\emph{Clustered (Creamery\_ID) standard-errors in parentheses}}\\
   \multicolumn{4}{l}{\emph{Signif. Codes: ***: 0.01, **: 0.05, *: 0.1}}\\
\end{tabular}
\par\endgroup

 === Table with conley standard errors: ====
\begingroup
\centering
\begin{tabular}{lccc}
   \tabularnewline \midrule \midrule
   Dependent Variable: & \multicolumn{3}{c}{MB\_ratio}\\
   Model:             & (1)            & (2)            & (3)\\  
   \midrule
   \emph{Variables}\\
   IM                 & 0.3574$^{***}$ & 0.3910$^{***}$ & 0.5817$^{*}$\\   
                      & (0.1251)       & (0.0901)       & (0.3326)\\   
   \midrule
   \emph{Fixed-effects}\\
   Creamery\_ID       & Yes            & Yes            & Yes\\  
   Year               & Yes            & Yes            & Yes\\  
   soil\_type\_Year   &                & Yes            & Yes\\  
   NUTS2\_year        &                & Yes            & Yes\\  
   \midrule
   \emph{Fit statistics}\\
   Observations       & 11,685         & 11,685         & 11,685\\  
   R$^2$              & 0.70390        & 0.73809        & 0.73774\\  
   Within R$^2$       & 0.00705        & 0.00562        & 0.00428\\  
   Kleibergen-Paap    &                &                & 36.903\\  
   \midrule \midrule
   \multicolumn{4}{l}{\emph{Conley (50km) standard-errors in parentheses}}\\
   \multicolumn{4}{l}{\emph{Signif. Codes: ***: 0.01, **: 0.05, *: 0.1}}\\
\end{tabular}
\par\endgroup

 ==== Conversion to 2010 USD equiv.: ==== 
# A tibble: 2 × 4
  name                              col1        col2       col3
  <chr>                            <dbl>       <dbl>      <dbl>
1 Delta_real_USD             -23471.     -25643.     -37869.   
2 Delta_nom_DKK_of_dividends     -0.0745     -0.0814     -0.120
